APSC 221 Question and answers verified to pass 2024/2025
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Course
APSC 221
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APSC 221
APSC 221 Question and answers verified to pass 2024/2025 APSC 221- Chapter 2 Notes
what are some categories of costs and revenues that are typically needed in an engineering economic study - correct answer - capital investment (fixed and working)
- labour costs
- material costs
- maintena...
APSC 221- Chapter 2 Notes
what are some categories of costs and revenues that are typically needed in
an engineering economic study - correct answer ✔- capital investment (fixed
and working)
- labour costs
- material costs
- maintenance
- property taxes and insurance
- overhead costs
- disposal costs
- revenues
- quality costs
- market values
order of magnitude estimates - correct answer ✔used in planning and initial
evaluation stage of a project
semi-detailed or budget estimates - correct answer ✔used in the preliminary
or conceptual design stage of a project
definitive or detailed estimates - correct answer ✔used in the detailed design
stage and during the implementation stage for controlling the project
what are some sources of estimating data - correct answer ✔- accounting
records
- other sources within the organization (people, experience)
- sources outside the firm (internet)
, - research and development (test market programs)
what are some reasons costs vary over time - correct answer ✔- changes in
technology/ economies of scale
- scarcity or abundance of labour and materials
indexes - correct answer ✔dimensionless numbers that can be used to
estimate future or past costs and prices relative to an arbitrarily defined
reference year
Consumer Price Index - correct answer ✔a measure of inflation
does doubling the number of units made double the price? - correct answer
✔not usually. because there are setup costs (fixed costs) and then adding
units are variable costs
the learning curve model - correct answer ✔model based on the assumption
that there is a constant percentage reduction in input resources as the number
of units produced doubles
- increased worker efficiency and improved organizational performance with
repetitive production of a good or service
- experience curve / manufacturing progress function
work breakdown structure (WBS) - correct answer ✔technique for expicityly
defining at successive levels of detail, the work elements of a project and their
interrelationships
- sometimes called a work element structure
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